Everything you need to know about Sacramento’s real estate market.
Are you confused about what's happening in the real estate market in Sacramento? Today, I’m here to tell you everything you need to know.
Contrary to what mainstream media has to say about the real estate market, Sacramento’s market has picked up quite a bit. Many of my colleagues and I would go as far as to describe today's market as one of the hottest ones, even compared to those before the pandemic. Today, I’m here to share a few of the dynamics in the market that support this idea.
First, you need to know that inventory is extremely low once again. This puts a huge amount of pressure on buyers. This also means that many of them are having to write offers that are over asking price. Offers over asking are commonplace today, especially for homes that are move-in ready and require very few repairs. This competition is also causing fewer contingencies than we saw in late 2022 and early 2023.
Now that we've taken a look at how the market is heating up, let's talk about what's not happening in today's market. First, while buyers are paying over asking price for some homes, this is not true for all homes, and the intensity is not as high as it was in previous years. Some homes are going $5,000, $10,000, or occasionally $50,000 over asking, but not everything is as big as before.
"Sacramento’s real estate market is on a steady rebound."
Also, buyers might be removing some contingencies in their offers, but not all of them. I haven't seen someone remove an inspection contingency yet, for example, which was one of the most extreme conditions we saw at that peak time.
In addition, the market isn’t hot everywhere and for everything. Move-in ready homes with four bedrooms at affordable price ranges are selling quickly, but everything in the middle is a little bit slower depending on the location.
The bottom line is that Sacramento’s real estate market is on a steady rebound, fueled by low inventory and strong demographics. Be careful with what you read in your newsfeed and reach out to a local expert like myself. If you have any questions about your real estate journey, feel free to reach out to me. You can call or email me anytime, and I would be happy to hear from you.